Economy

(PressTV) – Goldman profited from market crash

A US Senate panel has revealed emails that show Goldman Sachs Group Inc profited massively by engaging in the sale of investments that were structured to fail. Read More Here

(1010Wins) – Hundreds Camp Out in Queens Hoping for Elevator Jobs

Hundreds of job seekers camped out over the weekend at a union office in Queens hoping to be first in line for a chance to apply for an internship in the field of elevator repair. Read More Here

(Sky) – Goldman’s Frankenstein Moment

If the knives were out for Goldman Sachs before today, they’re now hovering perilously close to the Wall Street bank’s throat – and Adair Turner, chairman of the Financial Services Authority, is likely to be paying particularly close interest. Read More Here

(PRNewsWire) – U.S. Food Inflation Spiraling Out of Control

The Bureau of Labor Statistics (BLS) today released their Producer Price Index (PPI) report for March 2010 and the latest numbers are shocking. Food prices for the month rose by 2.4%, its sixth consecutive monthly increase and the largest jump in over 26 years. NIA believes that a major breakout in food inflation could be imminent, similar to what is currently being experienced in India. Read More Here

(WSJBlog) – Number of the Week: 103 Months to Clear Housing Inventory

All this means that little can stop banks’ inventory of distressed homes from growing. Too many people owe too much more on their homes than they can afford. For the housing market, that could mean a long-lasting hangover. Read More Here

(Fox) – GM Used Bailout Money to Repay Loan

A top Senate Republican on Thursday accused the Obama administration of misleading taxpayers about General Motors’ loan repayment, saying the struggling auto giant was only able to repay its bailout money by dipping into a separate pot of bailout money. Read More Here

(GlobalResearch) – For $10 Billion of “Promises” Haiti Surrenders its Sovereignty

It was fitting that the Mar. 31 “International Donors Conference Towards a New Future for Haiti” was held in the Trusteeship Council at the United Nations headquarters in New York. At the event, Haitian President René Préval in effect turned over the keys to Haiti to a consortium of foreign banks and governments, which will decide how (to use the conference’s principal slogan) to “build back better” the country devastated by the Jan. 12 earthquake. Read More Here

(Technocrati) – Thousands Of Teachers To Be Laid Off – What Economic Recovery?

Thousands of teachers are about to lose jobs in many states. To manage massive budget deficits, several layoff notices were sent out to 22,000 teachers in California, 17,000 in Illinois, and 15,000 in New York. The numbers are expected only to increase in the coming months. Read More Here

(RawStory) – E-mails Show Goldman Execs Boasting as Housing Meltdown Unfolded

Goldman Sachs’ top executives were aware that the company made money by playing against the US housing market, according to internal e-mails released Saturday. Read More Here

(OpEdNews) – Profiling CEOs and Their Sociopathic Paychecks

One of the questions often asked when the subject of CEO pay comes up is, “What could a person such as William McGuire or Lee Raymond (the former CEOs of UnitedHealth and ExxonMobil, respectively) possibly do to justify a $1.7 billion paycheck or a $400 million retirement bonus?” Read More Here

Video: Gullible Nation – More False Hope Continue reading

2008 Financial Collapse: The Greatest Calamity The World Has Ever Known – Robert Singer

The year is 2010 and to anyone not in denial, the industrialized nations have entered the greatest calamity the world has ever known:

  • 35 Million Americans on Food Stamps: 12 Percent of U.S. Population on Food Stamps Highest Since Records Kept in 1969, and that’s before the Obama administration announced a planned three-year budget freeze on government discretionary spending. (My Budget 360)
  • 18 Million empty houses in the United States and 39 million Americans who are no longer working or looking for work, and that’s before Federal Reserve finishes rewriting the rules of American “capitalism” as US Housing, the Automobile Industry and the American Dream are dismantled. (The 31-Year-Old in Charge of Dismantling G.M., David E. Sanger)

Continue reading

Economy

(Telegraph) – Anheuser-Busch beer blockade hits brewing

Supplies of Stella Artois, Leffe and Beck’s running low as Belgian unions prepare to ask European workers for support. Read More Here

(DNAIndia) – General Motors to close down Opel’s Antwerp plant

General Motors will close Opel’s manufacturing plant in the Belgian port city of Antwerp, sources said on Wednesday, closing the door firmly on the last remaining hopes for the site’s 2,300 staff. Read More Here

(Yahoo) – GM’s Opel to cut 8,300 jobs across Europe

General Motor Co.’s Opel unit will cut 8,300 jobs across Europe, including 4,000 in Germany, and close a plant in Antwerp, Belgium — casualties of the “tough reality” of a shrinking European auto market. Read More Here

(WSWS) – Many German local authorities nearing bankruptcy

At the start of 2010, a number of local town and district councillors in Germany began to reveal the catastrophic current state of local authority finances. Government budget policies, together with the international financial-industrial crisis, have drastically intensified the economic pressures on many municipal and district authorities. Their level of debt in 2009 climbed to €5 billion, and it is feared that these debts could rise to €50 billion within the next five years. Hitherto unimaginable cutbacks and economy measures will be the result. Read More Here

(CNN) – Air America going dark

Liberal talk radio network Air America is planning to file for Chapter 7 bankruptcy, the company said Thursday. Read More Here

Video: Food Shortages This Year! Want to know why the media is not covering this?

If you read any economic, financial, or political analysis for 2010 that doesnt mention the food shortage looming next year, throw it in the trash, as it is worthless. There is overwhelming, undeniable evidence that the world will run out of food next year. When this happens, the resulting triple digit food inflation will lead panicking central banks around the world to dump their foreign reserves to appreciate their currencies and lower the cost of food imports, causing the collapse of the dollar, the treasury market, derivative markets, and the global financial system. The US will experience economic disintegration. Continue reading

Is a Weak Dollar a Strong Sign? Not So Fast!

(C4L) – Readers of George Orwell’s 1984 might recall Big Brother’s claims that “war is peace” or “freedom is slavery.” Orwell was writing a novel, but some of the commentary these days makes me think that elite economists have taken residence in Oceania’s “Ministry of Truth.” Continue reading

Obama: We Need To Bailout Newspapers To Stop New Media Taking Over

President Obama has stated that he is happy to consider bailing out the corporate media, expressing concerns that alternative internet based news outlets will grow in popularity as a result of the downfall of newspapers. Continue reading

China Tightens Grip on Rare Minerals

China is set to tighten its hammerlock on the market for some of the world’s most obscure but valuable minerals. Continue reading

Video: Beck & Rove – WH is Building Some Kind of a Machine

(Fox) – Political strategist Karl Rove joins Beck to talk about Barack Obama’s attempt to concentrate his executive power and the numerous, unchecked czars which Obama has named. – (Take Note of Venezuela Propaganda and the US backed build up in Columbia) Continue reading

Shuttered factories, shattered lives in US rust belt

(RawStory) – Weeds have not had time to overtake factories shuttered in the wake of recent bankruptcies at General Motors, Chrysler and a host of suppliers, but the signs of shattered lives are spreading as the economically devastated region, dubbed “the rust belt” after its steel industry, fails to absorb the collapse of the auto industry. Continue reading

MSM: U.S. Initial Jobless Claims Rise by 25,000 to 584,000

(Bloomberg) – The number of Americans filing claims for jobless benefits last week held below levels seen in late June, before auto-related distortions set in, indicating firings are slowing as the economy stabilizes. Continue reading

GMO Scandal: The Long Term Effects of Genetically Modified Food on Humans

One of the great mysteries surrounding the spread of GMO plants around the world since the first commercial crops were released in the early 1990’s in the USA and Argentina has been the absence of independent scientific studies of possible long-term effects of a diet of GMO plants on humans or even rats. Continue reading

MSM: U.S. Initial Jobless Claims Rise by 30,000 to 554,000

(Bloomberg) — The number of Americans filing claims for unemployment benefits jumped last week from a six- month low as distortions caused by shifts in the timing of auto- plant shutdowns subsided. Continue reading

Fifty thousand General Motors retirees face destruction of benefits

The bankruptcy of General Motors, and the organization of a “new” auto company in its place, is being carried out at the expense of tens of thousands of active and retired auto workers, along with dealerships, other small businesses, and entire communities. Continue reading

The privately owned Federal Reserve runs our Country

We have a situation socially similar to that of the early 1990s, only this time it is twice as bad. Blue-collar workers know they won’t get their high paying jobs back, because our transnational elitist conglomerates have stolen them. They not only took our jobs, they took our dignity as well, and are hiding their profits offshore depriving our Treasury of badly needed revenue. Unemployment will continue to deteriorate thru to the end of the year and next year will only hold its own. That is going to see the rebirth of the militia movement in America. Continue reading

Can The Economy Recover? – Paul Craig Roberts

There is no economy left to recover. The US manufacturing economy was lost to offshoring and free trade ideology. It was replaced by a mythical “New Economy.” Continue reading

The Great Bank Robbery: How the Federal Reserve is destroying America

As global leaders struggle to rescue their nations from economic breakdown, the legitimacy of the dollar as the world’s reserve currency is under attack. Perhaps the problem lies with the Fed. Continue reading

In 1969, Rockefeller Official Said US Would Be De-industrialized

On March 20, 1969, Dr. Richard Day, the National Medical Director of the Rockefeller-sponsored “Planned Parenthood” told a meeting  that American industry will be sabotaged and shown to be uncompetitive. Continue reading

MSM: Unemployment at highest level in 25 years

(WashTimes) – The turmoil ravaging General Motors and Chrysler generated big jumps in joblessness last month throughout the Midwest, sending Michigan’s unemployment rate above 14 percent and pushing three nearby states into double digits. Continue reading

Towards an Inflationary Depression – A macroeconomic review

(Bob Chapman) – As Emperor Obama (Romulus the Usurper) fires GM’s CEO, steals money from Chrysler’s bondholders, puts together Public-Private Investment Partnerships (PPIP’s) that will privatize gains and socialize losses in an attempt to stabilize derivative prices by having banks buy their toxic waste from one another in the usual “smoke and mirror” tradition of Wall Street, and Continue reading

MSM: Jobless rate rises in nearly all states

(CNN) – Forty-eight states and the District of Columbia post unemployment rates rise in May, while only one state – Nebraska – registers a decrease. Continue reading

Obama ‘Czars’ – A Zionist Shadow Government

Another Zionist jew is Obama’s latest ‘Czar’ appointment as America falls further under the total domination of one of the world’s tiniest minority groups. Continue reading

Government Is Out To Make You Poor

I seldom become depressed, but when I consider that prosperity is created by “peace, easy taxes and a tolerable administration of justice” I really think that the U.S. and other Western governments are doing their very best to impoverish their countries. Continue reading

MSM: US cities may have to be bulldozed in order to survive

(Telegraph) – Dozens of US cities may have entire neighbourhoods bulldozed as part of drastic “shrink to survive” proposals being considered by the Obama administration to tackle economic decline. Continue reading

While workers’ wages fall – Obama administration rejects limits on bankers’ pay

The Obama administration announced Wednesday that it opposed any government-imposed limits on the salary and bonuses of the CEOs and other top officials of major banks that have received trillions of dollars in federal handouts and guarantees over the past eight months. Continue reading

GM, Amtrak and an Increasingly Fascist America – Ron Paul

Last week, General Motors finally declared bankruptcy. Many in government thought $20 billion in taxpayer dollars would save the company, but as predicted, it only postponed the inevitable. Continue reading

What’s Good For General Motors – Is Now Good for China

I remember the hullaballoo in January 1953 when GM CEO Charles Wilson, President Eisenhower’s nominee for Secretary of Defense, was popularly quoted as saying that “What’s good for General Motors is good for the country.” Continue reading

Green Shoots, Red Ink, Black Hole

I have an unfortunate sense that the “green shoots” in the economy that everyone is talking about are nothing but dandelions. Continue reading

Video: D-Day, Obama and Hitler

Saturday marked the 65th anniversary of D-Day. Obama was on hand at the Normandy American Cemetery and Memorial in Colleville-sur-Mer in northern France, as was France’s President Nicolas Sarkozy, Britain’s Prince Charles, British Prime Minister Gordon Brown, and Canadian Prime Minister Stephen Harper. Continue reading

MSM: Chinese company to buy Hummer from GM

(MSNBC) – General Motors Corp. took a key step toward its downsizing on Tuesday, striking a tentative deal to sell its Hummer brand to a Chinese manufacturer, while also revealing that it has potential buyers for its Saturn and Saab brands. Continue reading

Is California The Next GM?

With GM’s bankruptcy no longer hanging over Wall Street, perhaps now investors can get their minds right for some really bad news. We’re talking about the looming bankruptcy of California, of course, and of at least a few more big-budget states whose books are in equally disastrous shape, including New York, Arizona, New Jersey, Nevada, Rhode Island and Florida. Continue reading

MSM: Germany Blasts ‘Powers of the Fed’

(WSJ) – German Chancellor Angela Merkel, in a rare public rebuke of central banks, suggested the European Central Bank and its counterparts in the U.S. and Britain have gone too far in fighting the financial crisis and may be laying the groundwork for another financial blowup. Continue reading

Bond Market Blowout – Michael Whitney

Last week’s ructions in the bond market, leave little doubt that the financial crisis has entered a new and more lethal phase. Of particular concern is the spike in long-term Treasuries which are used to set interest rates on mortgages and other loans. Continue reading

Goodbye, GM – Michael Moore

I write this on the morning of the end of the once-mighty General Motors. By high noon, the President of the United States will have made it official: General Motors, as we know it, has been totaled. Continue reading

Grand Theft Auto: The Bankruptcy of General Motors

They may be crying about General Motors’ bankruptcy today. But dumping 40,000 of the last 60,000 union jobs into a mass grave won’t spoil Jamie Dimon’s day. Continue reading

The GM bankruptcy

General Motors – once the largest and most profitable corporation in the world—will file for bankruptcy protection in a New York City court this morning. The collapse of the 101-year-old Detroit automaker is the largest industrial failure and third largest bankruptcy in US history. Continue reading

On Obama’s Chopping Block: It’s The Turn of General Motors

The greatest single attack on American workers since the Great Depression

The alarm bells should be ringing day and night about what’s being prepared at General Motors — the ripple effects could produce tidal waves. Continue reading

Closures of US auto dealerships will cost tens of thousands of jobs

US auto manufacturers Chrysler and General Motors, encouraged by the Obama administration and top Wall Street circles, announced plans Thursday and Friday to close a combined 1,900 dealerships. These closures will result in the loss of some 100,000 jobs and produce economic devastation in many communities across the country. Continue reading

Wall Street rallies as unemployment rate soars – US shed another half-million jobs in April

The official US unemployment rate jumped by 0.4 percentage points to reach 8.9 percent last month, according to figures released Friday by the Labor Department. The economy lost another 539,000 jobs in April, as total job losses reached 5.7 million since the start of the recession in December 2007. Continue reading

Have Americans Lost All Control Over the Federal Government?

Over the last sixteen months, many Americans have watched with despair as the Federal government has wrested virtually despotic control over the American economy away from both individual Americans and private enterprise. They have observed the Federal government’s frantic (and totally unsuccessful) attempts to prop up banks that have revealed themselves to be completely incompetent and bankrupt. Continue reading